I need to determine the best way to complete my W4. My income increased substantially and I am afraid of what my tax liability will be

Hi @Ssaltz411 ,

 

Thank you for joining us today and congrats on the higher paying job!  The first step to completing the W4 is to determine your filing status -- single, married filing joint, married filing separate?  Once you determine your filing status, I would recommend going through this W-4 Calculator to determine you will need additional withholdings.

 

W-4 Calculator 

 

Determining the proper withholdings really requires understanding your entire financial picture including other income sources.  The more information you are able to enter into the calculator the more accurate your withholdings will be.  Keep in mind that you can update your W-4 as often as needed. 

 

Here is a link to some basic information on the W-4 that may be helpful:

TurboTax W-4 

 

Thank you,

Melanie, CPA